Southern California real estate hiring slowed by two-thirds in a year where property-related businesses were throttled by the Federal Reserve’s tight-money policy.
My trusty spreadsheet, reviewing state employment stats for August, found 921,800 property-linked workers in Los Angeles, Orange, Riverside, San Bernardino and San Diego counties. While local real estate employment grew locally by 9,500 positions in the last 12 months – that’s 65% slower than the 27,000-a-year growth pace in pre-pandemic, cheaper-money 2015-19.
Next, contemplate other industries across Southern California, where jobs are up 133,800 over the past 12 months. That’s a 1.6% gain vs. real estate’s 1% increase.. So, it’s not that surprising that Southern California’s property-related jobs are running 9,300 jobs below their peak set in July 2022. Please note that many people who work in the real estate world are self-employed and are not tracked by traditional government job counts.
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